Periodic reporting C1 Choose from the following list of terms and phrases to best complete the statements below. a. Fiscal year b. Timeliness C. Accrual basis accounting d. Annual financial statements e. Cash basis accounting f. Time period assumption ___presumes that an organization's activities can be divided into specific time periods. Financial reports covering a one-year period are known as_ A(n)_consists of any 12 consecutive months. ___records revenues when services are provided and records expenses when incurred. The value of information is often linked to its

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 3, Problem 1QS

Periodic reporting C1

Choose from the following list of terms and phrases to best complete the statements below.

a. Fiscal year
b. Timeliness
C. Accrual basis accounting
d. Annual financial statements
e. Cash basis accounting
f. Time period assumption

_______presumes that an organization's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as_______
A(n)_______consists of any 12 consecutive months.
_______records revenues when services are provided and records expenses when incurred.
The value of information is often linked to its

Expert Solution & Answer

To determine

Introduction:

The Periodic Reporting is a kind of reporting of transactions which a company does on a daily basis. These transactions are those which affects the financial status of the company.

To choose:

Select the best option

Answer to Problem 1QS

Time period assumption presuming that an organisation's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as Annual Financial Statements.
A(n) Fiscal Year consists of any 12 consecutive months.
Accrual Basis Accounting records revenues when services are provided and Cash Basis Accounting records expenses when incurred.
The value of information is often linked to its Timeliness.

Explanation of Solution

Time period assumption / Periodicity Assumption- This assumption is used to divide the activities of a business into accouting periods i.e. week, month, quarter, etc.
Annual Finnacial Statements − Financial Statements comprise of Balance Sheet, Statement of Profit or Loss and Cash Flow Statements. When these statements are prepared for a complete year, these are referred to as Annual Financial Statements.
Fiscal Year - It consists of any 12 consequetive months. Accounting period varies from country to country. Some countries consider calender year i.e. January to December, as fiscal year whereas some consider financial year i.e. April to March, as fiscal year.
Accrual basis accouting- This approach means transactions are recorder when actually incurred and not at the time when the receipts or payments in respect of those transactions take place (Cash basis accounting).

Cash basis accounting −In this approach, transaction are recorded in books of accounts when payments or receipts in respect of those transactions take place.

Timeliness − It refers to the information provided to users of financial information on timely basis which can enable them to take decisions on time.

Conclusion:

The best terms of periodic reporting are mentioned for completing the incomplete/blank statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Choose from the following list of terms and phrases to best complete the statements below. a. Fiscal year c. Accrual basis accounting e. Cash basis accounting b. Timeliness d. Annual financial statements f. Time period assumption 1. presumes that an organization’s activities can be divided into specific time periods. 2. Financial reports covering a one-year period are known as . 3. A(n) consists of any 12 consecutive months. 4. records revenues when services are provided and records expenses when incurred. 5. The value of information is often linked to its .

Question 52: For which data type would a pie chart be most appropriate? Answer: A. Every expense account balance for a single company at year end B. The accounts payable balance at the end of every month of the year C. Supplies balances for each of the last three years within a single business D. Net income for five different companies during the current year

Problem 3-18 Common-Size and Common-Base Year Financial Statements In addition to common-size financial statements, common-base year financial statements are often used. Common-base year financial statements are constructed by dividing the current year account value by the base year account value. Thus, the result shows the growth rate in the account. Construct the common-size balance sheet and common-base year balance sheet for the company. Use 2020 as the base year. (Do not round intermediate calculations. Enter your common-size answers as a percent and your common-base year answers as a times. Round your common-size answers to 2 decimal places, e.g., 32.16, and common-base year answers to 4 decimal places, e.g., 32.1616.)

Answer 2

Textbook Question

Chapter 3, Problem 1QS

Periodic reporting C1

Choose from the following list of terms and phrases to best complete the statements below.

a. Fiscal year
b. Timeliness
C. Accrual basis accounting
d. Annual financial statements
e. Cash basis accounting
f. Time period assumption

_______presumes that an organization's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as_______
A(n)_______consists of any 12 consecutive months.
_______records revenues when services are provided and records expenses when incurred.
The value of information is often linked to its

Expert Solution & Answer

To determine

Introduction:

The Periodic Reporting is a kind of reporting of transactions which a company does on a daily basis. These transactions are those which affects the financial status of the company.

To choose:

Select the best option

Answer to Problem 1QS

Time period assumption presuming that an organisation's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as Annual Financial Statements.
A(n) Fiscal Year consists of any 12 consecutive months.
Accrual Basis Accounting records revenues when services are provided and Cash Basis Accounting records expenses when incurred.
The value of information is often linked to its Timeliness.

Explanation of Solution

Time period assumption / Periodicity Assumption- This assumption is used to divide the activities of a business into accouting periods i.e. week, month, quarter, etc.
Annual Finnacial Statements − Financial Statements comprise of Balance Sheet, Statement of Profit or Loss and Cash Flow Statements. When these statements are prepared for a complete year, these are referred to as Annual Financial Statements.
Fiscal Year - It consists of any 12 consequetive months. Accounting period varies from country to country. Some countries consider calender year i.e. January to December, as fiscal year whereas some consider financial year i.e. April to March, as fiscal year.
Accrual basis accouting- This approach means transactions are recorder when actually incurred and not at the time when the receipts or payments in respect of those transactions take place (Cash basis accounting).

Cash basis accounting −In this approach, transaction are recorded in books of accounts when payments or receipts in respect of those transactions take place.

Timeliness − It refers to the information provided to users of financial information on timely basis which can enable them to take decisions on time.

Conclusion:

The best terms of periodic reporting are mentioned for completing the incomplete/blank statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 3, Problem 1QS

Periodic reporting C1

Choose from the following list of terms and phrases to best complete the statements below.

a. Fiscal year
b. Timeliness
C. Accrual basis accounting
d. Annual financial statements
e. Cash basis accounting
f. Time period assumption

_______presumes that an organization's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as_______
A(n)_______consists of any 12 consecutive months.
_______records revenues when services are provided and records expenses when incurred.
The value of information is often linked to its

Expert Solution & Answer

To determine

Introduction:

The Periodic Reporting is a kind of reporting of transactions which a company does on a daily basis. These transactions are those which affects the financial status of the company.

To choose:

Select the best option

Answer to Problem 1QS

Time period assumption presuming that an organisation's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as Annual Financial Statements.
A(n) Fiscal Year consists of any 12 consecutive months.
Accrual Basis Accounting records revenues when services are provided and Cash Basis Accounting records expenses when incurred.
The value of information is often linked to its Timeliness.

Explanation of Solution

Time period assumption / Periodicity Assumption- This assumption is used to divide the activities of a business into accouting periods i.e. week, month, quarter, etc.
Annual Finnacial Statements − Financial Statements comprise of Balance Sheet, Statement of Profit or Loss and Cash Flow Statements. When these statements are prepared for a complete year, these are referred to as Annual Financial Statements.
Fiscal Year - It consists of any 12 consequetive months. Accounting period varies from country to country. Some countries consider calender year i.e. January to December, as fiscal year whereas some consider financial year i.e. April to March, as fiscal year.
Accrual basis accouting- This approach means transactions are recorder when actually incurred and not at the time when the receipts or payments in respect of those transactions take place (Cash basis accounting).

Cash basis accounting −In this approach, transaction are recorded in books of accounts when payments or receipts in respect of those transactions take place.

Timeliness − It refers to the information provided to users of financial information on timely basis which can enable them to take decisions on time.

Conclusion:

The best terms of periodic reporting are mentioned for completing the incomplete/blank statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 3, Problem 1QS

Periodic reporting C1

Choose from the following list of terms and phrases to best complete the statements below.

a. Fiscal year
b. Timeliness
C. Accrual basis accounting
d. Annual financial statements
e. Cash basis accounting
f. Time period assumption

_______presumes that an organization's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as_______
A(n)_______consists of any 12 consecutive months.
_______records revenues when services are provided and records expenses when incurred.
The value of information is often linked to its

Expert Solution & Answer

To determine

Introduction:

The Periodic Reporting is a kind of reporting of transactions which a company does on a daily basis. These transactions are those which affects the financial status of the company.

To choose:

Select the best option

Answer to Problem 1QS

Time period assumption presuming that an organisation's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as Annual Financial Statements.
A(n) Fiscal Year consists of any 12 consecutive months.
Accrual Basis Accounting records revenues when services are provided and Cash Basis Accounting records expenses when incurred.
The value of information is often linked to its Timeliness.

Explanation of Solution

Time period assumption / Periodicity Assumption- This assumption is used to divide the activities of a business into accouting periods i.e. week, month, quarter, etc.
Annual Finnacial Statements − Financial Statements comprise of Balance Sheet, Statement of Profit or Loss and Cash Flow Statements. When these statements are prepared for a complete year, these are referred to as Annual Financial Statements.
Fiscal Year - It consists of any 12 consequetive months. Accounting period varies from country to country. Some countries consider calender year i.e. January to December, as fiscal year whereas some consider financial year i.e. April to March, as fiscal year.
Accrual basis accouting- This approach means transactions are recorder when actually incurred and not at the time when the receipts or payments in respect of those transactions take place (Cash basis accounting).

Cash basis accounting −In this approach, transaction are recorded in books of accounts when payments or receipts in respect of those transactions take place.

Timeliness − It refers to the information provided to users of financial information on timely basis which can enable them to take decisions on time.

Conclusion:

The best terms of periodic reporting are mentioned for completing the incomplete/blank statements.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Introduction:

The Periodic Reporting is a kind of reporting of transactions which a company does on a daily basis. These transactions are those which affects the financial status of the company.

To choose:

Select the best option

Answer to Problem 1QS

Time period assumption presuming that an organisation's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as Annual Financial Statements.
A(n) Fiscal Year consists of any 12 consecutive months.
Accrual Basis Accounting records revenues when services are provided and Cash Basis Accounting records expenses when incurred.
The value of information is often linked to its Timeliness.

Explanation of Solution

Time period assumption / Periodicity Assumption- This assumption is used to divide the activities of a business into accouting periods i.e. week, month, quarter, etc.
Annual Finnacial Statements − Financial Statements comprise of Balance Sheet, Statement of Profit or Loss and Cash Flow Statements. When these statements are prepared for a complete year, these are referred to as Annual Financial Statements.
Fiscal Year - It consists of any 12 consequetive months. Accounting period varies from country to country. Some countries consider calender year i.e. January to December, as fiscal year whereas some consider financial year i.e. April to March, as fiscal year.
Accrual basis accouting- This approach means transactions are recorder when actually incurred and not at the time when the receipts or payments in respect of those transactions take place (Cash basis accounting).

Cash basis accounting −In this approach, transaction are recorded in books of accounts when payments or receipts in respect of those transactions take place.

Timeliness − It refers to the information provided to users of financial information on timely basis which can enable them to take decisions on time.

Conclusion:

The best terms of periodic reporting are mentioned for completing the incomplete/blank statements.

Answer 8

Expert Solution & Answer

To determine

Introduction:

The Periodic Reporting is a kind of reporting of transactions which a company does on a daily basis. These transactions are those which affects the financial status of the company.

To choose:

Select the best option

Answer to Problem 1QS

Time period assumption presuming that an organisation's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as Annual Financial Statements.
A(n) Fiscal Year consists of any 12 consecutive months.
Accrual Basis Accounting records revenues when services are provided and Cash Basis Accounting records expenses when incurred.
The value of information is often linked to its Timeliness.

Explanation of Solution

Time period assumption / Periodicity Assumption- This assumption is used to divide the activities of a business into accouting periods i.e. week, month, quarter, etc.
Annual Finnacial Statements − Financial Statements comprise of Balance Sheet, Statement of Profit or Loss and Cash Flow Statements. When these statements are prepared for a complete year, these are referred to as Annual Financial Statements.
Fiscal Year - It consists of any 12 consequetive months. Accounting period varies from country to country. Some countries consider calender year i.e. January to December, as fiscal year whereas some consider financial year i.e. April to March, as fiscal year.
Accrual basis accouting- This approach means transactions are recorder when actually incurred and not at the time when the receipts or payments in respect of those transactions take place (Cash basis accounting).

Cash basis accounting −In this approach, transaction are recorded in books of accounts when payments or receipts in respect of those transactions take place.

Timeliness − It refers to the information provided to users of financial information on timely basis which can enable them to take decisions on time.

Conclusion:

The best terms of periodic reporting are mentioned for completing the incomplete/blank statements.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Introduction:

The Periodic Reporting is a kind of reporting of transactions which a company does on a daily basis. These transactions are those which affects the financial status of the company.

To choose:

Select the best option

Answer 12

Answer to Problem 1QS

Time period assumption presuming that an organisation's activities can be divided into specific time periods.
Financial reports covering a one-year period are known as Annual Financial Statements.
A(n) Fiscal Year consists of any 12 consecutive months.
Accrual Basis Accounting records revenues when services are provided and Cash Basis Accounting records expenses when incurred.
The value of information is often linked to its Timeliness.

Answer 13

Explanation of Solution

Time period assumption / Periodicity Assumption- This assumption is used to divide the activities of a business into accouting periods i.e. week, month, quarter, etc.
Annual Finnacial Statements − Financial Statements comprise of Balance Sheet, Statement of Profit or Loss and Cash Flow Statements. When these statements are prepared for a complete year, these are referred to as Annual Financial Statements.
Fiscal Year - It consists of any 12 consequetive months. Accounting period varies from country to country. Some countries consider calender year i.e. January to December, as fiscal year whereas some consider financial year i.e. April to March, as fiscal year.
Accrual basis accouting- This approach means transactions are recorder when actually incurred and not at the time when the receipts or payments in respect of those transactions take place (Cash basis accounting).

Cash basis accounting −In this approach, transaction are recorded in books of accounts when payments or receipts in respect of those transactions take place.

Timeliness − It refers to the information provided to users of financial information on timely basis which can enable them to take decisions on time.

Conclusion:

The best terms of periodic reporting are mentioned for completing the incomplete/blank statements.

Answer 14

Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QS Ch. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QS Ch. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...

Videos

Answer to Problem 1QS

Explanation of Solution

Want to see more full solutions like this?

Chapter 3 Solutions